GST Annual Return for the financial year 2017-18

GST Annual Return for the financial year 2017-18 is nearing the due date. A three months time from now to prepare the return seems not adequate looking into the number of invoices of input tax credit claimed to match with invoices populated in GSTR-2A and reconciliation of expense ledger in the debit side of the Profit & Loss account of the books of accounts to highlight the claim of the input tax credits and crucial task of justifying the differences in the details furnished in GSTR-3B being a summarized return with the details furnished in GSTR-1.

The aforesaid task requires considerable time for the registered person to perform especially person having huge turnover and when the existence of the business is across the states. Therefore, it is appropriate time to start with the preparation. Refer Notification No. 74/2018 – Central Tax dated 31.12.2018